Wednesday’s Futures Setups
The June S&P 500 futures fell down below major
support today. Read
“Through The Support Zone” by Lewis Borsellino for the key levels on the
day. The June S&Ps ended at 1083.09 down 10.40. Last Friday, we
received a couple of
CVR Sell signals on the S&P 500 futures giving us a heads up about a
possible down turn.
June gold broke out of an ascending triangle,
to hit a three-year high. June gold ended at $316.10 and ounce up .10.
July soybean oil
(
BON2 |
Quote |
Chart |
News |
PowerRating) is breaking
out above its resistance. Bean oil is on the
TradingMarkets.com Momentum 5 List.
July soybean meal
(
SMN2 |
Quote |
Chart |
News |
PowerRating) is breaking
out above its resistance. Soy meal is on the
TradingMarkets.com Momentum 5 List.
Possible Turtle Soup Plus One Sell Setup
Contract |
Setup |
Direction |
Trigger |
| July cocoa ( CCN2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 1550 |
| July frozen OJ ( JON2 | Quote | Chart | News | PowerRating) |
Possible Turtle Soup Plus One Sell Setup |
Down |
break below 90 |
Pullback From The High
Contract |
Setup |
Direction |
Trigger |
| July crude oil ( CLN2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 29.00 |
| July heating oil ( HON2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 70.00 |
July unleaded gasoline ( HUN2 | Quote | Chart | News | PowerRating) |
Pullback from the high |
UP |
Break above 82 |
Please note that
while there are strong trends in some commodities, one bar or a series of bars
forming a setup can sometimes indicate a contra move for the next day. This
contra move may not be long-lasting — maybe only for a day or two. Trading
with the main trend is always the highest probability trade.
Use stops on all your
trades.